Why I’m Waiting
Tuesday and
Wednesday’s action saw the S&P 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating) post two
more days of distribution as the index closed down on heavier volume than the
previous day.
Out of several breakouts I
have been watching, TRC Companies
(
TRR |
Quote |
Chart |
News |
PowerRating), MTR Gaming
(
MNTG |
Quote |
Chart |
News |
PowerRating) and Penn
National Gaming
(
PENN |
Quote |
Chart |
News |
PowerRating), only PENN has succeeded thus far. The other two
have been shaky, to say the least.
These two indications alone, the market
distribution and failed breakouts,
are enough of a reason to force me to the sidelines and stay there until
a few improvements in the overall picture happen.
Have a great weekend,
Â